Real Estate – Jan-Mar’26 Earnings Preview – Launch-led QoQ rebound
Published on 09 Apr 2026
Q4FY26 pre-sales across our coverage indicate a strong sequential recovery driven by new launches and sustained demand in core urban markets (Bengaluru, Mumbai, NCR). However, YoY growth remains mixed due to a high base. Overall, we see 11%+ YoY growth and 65% QoQ growth in pre-sales for our coverage universe. Our channel checks highlight healthy absorption in well-located projects, strong EOI conversions, and continued pricing power in premium micro-markets, though some softness is seen in luxury projects.
We maintain a constructive stance on Tier 1 developers with strong launch pipelines, balance sheet discipline, and execution track record. Preference remains for players with Bengaluru/Mumbai exposure, premium positioning, and near-term launch visibility, which are best placed to sustain pre-sales growth into FY27E. Our top picks are PEPL and BRGD.
